This reliable performer is ideal for conservative investors shopping for equity-linked savings schemes (ELSS) or tax-saving mutual fund schemes this season. The fund has underperformed the benchmark only four times in its existence of 15 years. It doesn't stand out on the performance chart in a rising market, but it clearly stands out in a market downturn with its ability to restrict its fall admirably vis-à-vis its peers.

Some critics point out that the fund's tendency to play ultra safe may be actually denying investors an opportunity to make more money. They argue that a tax-saving fund can afford to take a little extra risk as it has the freedom to buy and hold stocks because of the mandatory three-year lock-in period. However, the investors flocking to this fund swear by the same traditional approach. They don't mind the fund's average performance in a rising market because they know that it would be more steady than its peers in tough market conditions.

The fund's investment strategy of focusing mostly on large-cap stocks and ignoring momentum stocks also makes it a perfect choice for investors with a low appetite for risk. Its large-cap bias, however, doesn't prevent it from picking small- and mid-cap stocks with long-term growth potential as it aims to own a mix of large-, mid- and small-cap stocks that would help it deliver superior risk-adjusted returns in every market cycle. However, the stocks are selected without compromising on its bottom-up or company-specific approach based on fundamental research, with a medium-to-long-term perspective.